Danvers Office Property Sells For $18M

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Holliday Fenoglio Fowler (HFF) recently announced that it closed the $18 million sale of and arranged $12.5 million in financing for Tower at Northwoods.

The 180,000-square-foot, class A office building in Danvers is located at 222 Rosewood Drive. Built in 1990, the 11-story building is 90.8 percent leased to tenants, including Copyright Clearance, MetLife and Royal Bank of Canada. The property features an on-site full-service café, fitness center and 24/7 security.

HFF represented the seller, LNR Partners Inc., and worked on behalf of the new owner to secure the 10-year, fixed-rate acquisition loan through East Boston Savings Bank.

Managing Director Chris Phaneuf and Senior Real Estate Analyst Patrick McAneny led the HFF investment sales team representing the seller. LNR Partners was represented by Dustin Smith, vice president of U.S. asset services, real estate asset management.

HFF’s debt placement team representing the borrower was led by director Brett Paulsrud.

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Danvers Office Property Sells For $18M

by Banker & Tradesman time to read: 1 min